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PEMBROKE, Bermuda--(BUSINESS WIRE)--AXIS Capital Holdings Limited (“AXIS Capital”) (NYSE:AXS) and PartnerRe
Ltd. (“PartnerRe”) (NYSE:PRE) today announced that their joint
registration statement filed on Form S-4 was declared effective by the
U.S. Securities and Exchange Commission (“SEC”).

The companies also announced that they have each scheduled special
shareholder meetings in connection with the proposed combination of AXIS
Capital and PartnerRe. In addition to the receipt of respective
shareholder approvals, the transaction remains subject to other
customary closing conditions, including receipt of certain additional
regulatory clearances. The transaction remains on track to close in the
third quarter of 2015.

AXIS Capital’s special meeting of shareholders will be held on July 24,
2015 at 9:00 a.m. Bermuda time, at 92 Pitts Bay Road, Pembroke, HM
Bermuda. The meeting is being held to seek shareholder approval of the
amalgamation agreement with PartnerRe.

PartnerRe’s special meeting of shareholders in connection with the
amalgamation agreement will be held on July 24, 2015 at 9:00 a.m.
Bermuda time, at 90 Pitts Bay Road, Pembroke, HM08 Bermuda. The meeting
is being held to seek shareholder approval of the amalgamation agreement
with AXIS Capital.

The registration statement containing the joint proxy
statement/prospectus is available through the SEC’s website at www.sec.gov,
via PartnerRe’s IR website at www.partnerre.com,
and AXIS Capital’s IR website at investor.axiscapital.com.
Both companies expect to begin mailing the joint proxy
statement/prospectus to their respective shareholders in the coming
days. The proxy statement/prospectus provides important information
about PartnerRe, AXIS Capital, and the proposed merger, as well as
instructions for shareholders on voting.

The AXIS Capital and PartnerRe boards recommend that their respective
stockholders vote “FOR” the amalgamation agreement between the companies
and encourage stockholders to carefully evaluate the investor
presentations filed by both companies on June 1, 2015 as part of their
consideration of the transaction.

On January 25, 2015, AXIS Capital and PartnerRe entered into a
definitive amalgamation agreement to create a broadly diversified global
specialty insurance and reinsurance company with expanded market
presence, gross premiums above $10 billion, and total capitalization
above $14 billion.

On May 4, 2015, AXIS Capital and PartnerRe signed a revised merger
agreement that included a special one-time cash dividend of $11.50 per
share, payable to PartnerRe shareholders in connection with and
conditioned on the closing of the merger.

The merger is expected to be accretive to EPS and ROE for the
shareholders of both companies starting in 2016.

AXIS Capital is a Bermuda-based global provider of specialty lines
insurance and treaty reinsurance with shareholders’ equity attributable
to AXIS Capital at March 31, 2015 of $6.0 billion and locations in
Bermuda, the United States, Europe, Singapore, Canada, Australia and
Latin America. Its operating subsidiaries have been assigned a rating of
“A+” (“Strong”) by Standard & Poor’s and “A+” (“Superior”) by A.M. Best.
For more information about AXIS Capital, visit our website at www.axiscapital.com.

About PartnerRe Ltd.

PartnerRe Ltd. is a leading global reinsurer, providing multi-line
reinsurance to insurance companies. The Company, through its wholly
owned subsidiaries, also offers capital markets products that include
weather and credit protection to financial, industrial and service
companies. Risks reinsured include property, casualty, motor,
agriculture, aviation/space, catastrophe, credit/surety, engineering,
energy, marine, specialty property, specialty casualty, multi-line and
other lines in its Non-life operations, mortality, longevity and
accident and health in its Life and Health operations, and alternative
risk products. For the year ended December 31, 2014, total revenues were
$6.5 billion. At March 31, 2015, total assets were $22.5 billion, total
capital was $8.0 billion and total shareholders` equity attributable to
PartnerRe was $7.2 billion.

Important Information for Investors and
Stockholders

This communication does not constitute an offer to buy or sell or the
solicitation of an offer to buy or sell any securities or a solicitation
of any vote or approval. This communication relates to a proposed
business combination between PartnerRe Ltd. (“PartnerRe”) and
AXIS Capital Holdings Limited (“AXIS”). In connection with this
proposed business combination, PartnerRe and AXIS have filed a
registration statement on Form S-4 with the Securities and Exchange
Commission (the “SEC”), and a definitive joint proxy
statement/prospectus of PartnerRe and AXIS and other documents related
to the proposed transaction. This communication is not a substitute for
any such documents. The registration statement was declared effective by
the SEC on June 1, 2015. INVESTORS AND SECURITY HOLDERS OF PARTNERRE AND
AXIS ARE URGED TO READ THE REGISTRATION STATEMENT, JOINT PROXY
STATEMENT/PROSPECTUS AND OTHER DOCUMENTS THAT HAVE BEEN OR MAY BE FILED
WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY CONTAIN OR
WILL CONTAIN IMPORTANT INFORMATION. Definitive proxy statement(s) will
be mailed to shareholders of PartnerRe and/or AXIS, as applicable.
Investors and security holders may obtain free copies of these documents
and other documents filed with the SEC by PartnerRe and/or AXIS through
the website maintained by the SEC at http://www.sec.gov.
Copies of the documents filed with the SEC by PartnerRe are available
free of charge on PartnerRe’s internet website at http://www.partnerre.com
or by contacting PartnerRe’s Investor Relations Director by email at robin.sidders@partnerre.com
or by phone at 1-441-294-5216. Copies of the documents filed with the
SEC by AXIS are available free of charge on AXIS’ internet website at http://www.axiscapital.com
or by contacting AXIS’ Investor Relations Contact by email at linda.ventresca@axiscapital.com
or by phone at 1-441-405-2727.

Participants in Solicitation

PartnerRe, AXIS, their respective directors and certain of their
respective executive officers may be considered participants in the
solicitation of proxies in connection with the proposed transaction.
Information about the directors and executive officers of PartnerRe is
set forth in its Annual Report on Form 10-K for the year ended December
31, 2014, which was filed with the SEC on February 26, 2015, its proxy
statement for its 2014 annual meeting of stockholders, which was filed
with the SEC on April 1, 2014, its Quarterly Report on Form 10-Q for the
quarter ended March 31, 2015, which was filed with the SEC on May 4,
2015 and its Current Reports on Form 8-K, which were filed with the SEC
on January 29, 2015, May 16, 2014 and March 27, 2014. Information about
the directors and executive officers of AXIS is set forth in its Annual
Report on Form 10-K for the year ended December 31, 2014, which was
filed with the SEC on February 23, 2015, its proxy statement for its
2014 annual meeting of stockholders, which was filed with the SEC on
March 28, 2014, its Quarterly Report on Form 10-Q for the quarter ended
March 31, 2015, which was filed with the SEC on May 4, 2015 and its
Current Reports on Form 8-K, which were filed with the SEC on March 11,
2015, January 29, 2015, August 7, 2014, June 26, 2014, March 27, 2014
and February 26, 2014.

These documents can be obtained free of charge from the sources
indicated above. Additional information regarding the participants in
the proxy solicitations and a description of their direct and indirect
interests, by security holdings or otherwise, is contained in the joint
proxy statement/prospectus and other relevant materials filed with the
SEC.

Forward Looking Statements

Certain statements in this communication regarding the proposed
transaction between PartnerRe and AXIS are “forward-looking” statements.
The words “anticipate,” “believe,” “ensure,” “expect,” “if,”
“illustrative,” “intend,” “estimate,” “probable,” “project,”
“forecasts,” “predict,” “outlook,” “aim,” “will,” “could,” “should,”
“would,” “potential,” “may,” “might,” “anticipate,” “likely” “plan,”
“positioned,” “strategy,” and similar expressions, and the negative
thereof, are intended to identify forward-looking statements. These
forward-looking statements, which are subject to risks, uncertainties
and assumptions about PartnerRe and AXIS, may include projections of
their respective future financial performance, their respective
anticipated growth strategies and anticipated trends in their respective
businesses. These statements are only predictions based on current
expectations and projections about future events. There are important
factors that could cause actual results, level of activity, performance
or achievements to differ materially from the results, level of
activity, performance or achievements expressed or implied by the
forward-looking statements, including the risk factors set forth in
PartnerRe’s and AXIS’ most recent reports on Form 10-K, Form 10-Q and
other documents on file with the SEC and the factors given below:

the failure to obtain the approval of shareholders of PartnerRe or
AXIS in connection with the proposed transaction;

the failure to consummate or delay in consummating the proposed
transaction for other reasons;

the timing to consummate the proposed transaction;

the risk that a condition to closing of the proposed transaction may
not be satisfied;

the risk that a regulatory approval that may be required for the
proposed transaction is delayed, is not obtained, or is obtained
subject to conditions that are not anticipated;

AXIS’ or PartnerRe’s ability to achieve the synergies and value
creation contemplated by the proposed transaction;

the ability of either PartnerRe or AXIS to effectively integrate their
businesses; and

the diversion of management time on transaction-related issues.

PartnerRe’s forward-looking statements are based on assumptions that
PartnerRe believes to be reasonable but that may not prove to be
accurate. AXIS’ forward-looking statements are based on assumptions that
AXIS believes to be reasonable but that may not prove to be accurate.
Neither PartnerRe nor AXIS can guarantee future results, level of
activity, performance or achievements. Moreover, neither PartnerRe nor
AXIS assumes responsibility for the accuracy and completeness of any of
these forward-looking statements. PartnerRe and AXIS assume no
obligation to update or revise any forward-looking statements as a
result of new information, future events or otherwise, except as may be
required by law. Readers are cautioned not to place undue reliance on
these forward-looking statements that speak only as of the date hereof.